Best Forex Broker For Beginners UK

Which broker is the Best Forex Broker For Beginners UK?

We are here to help both the retail trader and the more experienced trader to find the best broker and trading platform for you. In this article, we are going to recommend a few really good options if you are a beginner at forex trading. Since we are looking for UK brokers only, we are going to list FCA regulated brokers.

Let us give you the answer for the best forex brokers for beginners in the UK below:

Here Are The Best Forex Brokers For Beginners in UK 2018

BullMarketz.com provides detailed and constantly updated broker reviews that help people from all over the world find reliable online trading services. All of our recommendations are based on rigorous testing done by a team of professionals and are guaranteed to be unbiased and neutral at all times.

Last update: 2018-12-11

Risk Warning:

Your capital will be at risk when using any of the recommended brokers on this page. Never invest money you can’t afford to lose. Using a high leverage can result in big losses. Between 65-89% of retail investors lose money when trading contracts for difference (CFD). Bullmarketz may be compensated by some of the brokers and trading platforms listed on our website.

Is CFD Trading allowed in your country?

CFD Regulation Country by Country. The CFD trading services we are listing in this article is avalible in the following countries.

Europe:

  • Albania
  • Australia
  • Bosnia & Herzegovina
  • Bulgaria
  • Croatia
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Kosovo
  • Latvia
  • Lithuania
  • Macedonia
  • Malta
  • Moldova
  • Montenegro
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • Ukraine
  • United Kingdom

Excluded: Belgium

North America

  • Belize
  • Canada
  • Costa Rica
  • Cuba
  • Guatemala
  • Honduras
  • Jamaica
  • Mexico
  • Nicaragua
  • Panama
  • Puerto Rico
  • The Bahamas

Excluded: United States

South America

  • Argentina
  • Bolivia
  • Chile
  • Colombia
  • Dominican Republic
  • Ecuador
  • Guyana
  • Paraguay
  • Peru
  • Suriname
  • Uruguay
  • Venezuela

Excluded: Brazil

Africa

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burkina Faso
  • Burundi
  • Cameroon
  • Central African Republic
  • Chad
  • Democratic Republic of Congo
  • Egypt
  • Eritrea
  • Ethiopia
  • Gabon
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Kenya
  • Lesotho
  • Liberia
  • Libya
  • Madagascar
  • Malawi
  • Mali
  • Mauritania
  • Morocco
  • Mozambique
  • Namibia
  • Niger
  • Nigeria
  • Republic of the Congo
  • Rwanda
  • Sierra Leone
  • Somalia
  • South Africa
  • South Sudan
  • Sudan
  • Swaziland
  • Tanzania
  • The Ivory Coast
  • Togo
  • Tunisia
  • Tunisia
  • Uganda
  • Western Sahara
  • Zambia
  • Zimbabwe

Middle East

  • Georgia
  • Armenia
  • Azerbaijan
  • Iran
  • Iraq
  • Syria
  • Lebanon
  • Cyprus
  • Israel
  • Jordan
  • Saudi Arabia
  • Kuwait
  • Bahrain
  • Qatar
  • United Arab Emirates
  • Oman
  • Yemen

Asia

  • Afghanistan
  • Bangladesh
  • Cambodia
  • China
  • China
  • India
  • Indonesia
  • Japan
  • Kazakstan
  • Kirgizistan
  • Laos
  • Malaysia
  • Mongolia
  • Myanmar
  • North Korea
  • Pakistan
  • Papua New Guinea
  • Philippines
  • Singapore
  • South Korea
  • Sri Lanka
  • Thailand
  • Turkmenistan
  • Uzbekistan
  • Vietnam

Excluded: Hong Kong

Oceania:

  • Australia
  • New Zealand

Top Five Best Rated Forex Broker For Beginners in the UK


1. Markets.com
Markets.com is a good forex broker for beginners due to the fact that they have a wide selection of currency pairs that you can trade.

However, the broker also offers one of the most beginner-friendly platforms for forex and CFD trading. The MetaTrader 5 is a great all-around platform that provides you quick access to any market.

Educational Material: eBooks, webinars, videos, articles, and everything else you need to get started.
Demo Account: Yes, and it is completely unlimited and free of charge.
Assets: Forex, stocks, cryptocurrencies, and more

Read our Markets.com Review

Find the best trading platform. You capital is at risk when trading. Be careful.

2. eToro

eToro is a great option simply because they are one of the biggest brokers out there and they excel in copy trading. Now if you are a beginner, copy trading can be very interesting as it lets you follow and copy other traders.

In other words, you can avoid doing all the time-consuming analytic work and start trading right away. And don’t forget to interact with other traders using the eToro social trading network.

Educational Material: There is a lot of material to dig your teeth into but the social network is the best source of knowledge when using eToro.
Demo Account: Yes, eToro has an unlimited demo account for all traders and it’s even before you sign up
Assets: Forex, stocks, ETFs, cryptocurrencies, you name it and eToro offers it.

Read our eToro Review

Find the best trading platform. You capital is at risk when trading. Be careful.

3. Plus500

Plus500 is a public company listed in the UK and they are known for delivering a high quality and simple to use the product, especially their in-house designed platform.

This makes them a perfect broker if you are just starting out. Make use of their free demo account and try trading forex before you deposit any money.

Educational Material: Plus500 has put a lot of effort into creating a comprehensive database of educational material for everyone.
Demo Account: Yes, you can open a Plus500 demo account today and test their platform out before you start trading for real money.
Assets: Forex, stocks, cryptocurrencies, and much more.

Read our Plus500 Review

Find the best trading platform. You capital is at risk when trading. Be careful.


4. IG Markets
IG Markets is a part of the brand IG Group which is one of the oldest and most well-established financial organizations in the UK.

Their flagship product is IG Markets which is a world-leading forex and CFD broker that’s aimed to anyone from a complete beginner to a seasoned professional.

Educational Material: IG Markets might very well have the most comprehensive educational material of all brokers.
Demo Account: Yes! Their demo account can be used to test forex trading, CFD trading, and spread betting.
Assets: Over 10,000 underlying assets with currency pairs being the second largest asset class after stocks.

Read our IG Markets Review

Find the best trading platform. You capital is at risk when trading. Be careful.

5. 24Option

24Option has been around for ages, and recently, they have become experts in forex trading too. What we really like with 24Option is that focus a lot on education, and they give out a free eBook to anyone registering with them.

They also hold multiple licenses from CySEC and FCA which means they’re completely safe. Set up a free demo account and try out their platform.

  • Educational Material: Free eBook to all new traders plus material for all levels after that
  • Demo Account: Of course, otherwise they wouldn’t be beginner friendly
  • Assets: Forex is one of the main focuses but they offer a range of other asset class

Read our 24Option Review

Find the best trading platform. You capital is at risk when trading. Be careful.

Other Forex Broker Providers:

Find the best trading platform. You capital is at risk when trading. Be careful.

Before we look at the Best Forex Sites for Beginners

So, before we start talking brokers, platforms, tools, and everything else related to finding the best forex broker, we want to take a step back and take a look at the basics.

As the name entails, this page was designed to help beginners find good and reliable brokers that offer the tools and features they need to get started in the forex market. But before you can pick a broker, you need to understand what forex trading and especially the forex market is.

Forex Trading 101

Forex is short for Foreign Exchange or the Foreign Currency Exchange, and it’s a market where people trade currencies. The forex market also happens to be the single biggest market in the world with a daily turn over of several hundred billion dollars. The reason for this is that central banks and other major entities trade currencies on a large scale to help stabilize our world economy.

Despite the market’s enormous size, you as a private trader can trade currencies using much smaller amounts, and that is one of the main reasons why forex trading is so popular.

Currencies are always traded in pairs, called currency pairs, and since currencies usually don’t change that much in value over short periods of times, leverage is used whenever you open a position. Leverage helps increase your exposure on every position so that you can benefit from even the smallest market movements.

To learn more about forex trading and all of its benefits, we suggest you check out our comprehensive forex trading guides. We have also written guides about the perks and downsides of leverage trading which contains essential information.

A Checklist To Help You Find Your First Forex Broker

Finding a forex broker that’s good for a beginner is not only necessary but crucial if you want to get started trading forex with the best potential opportunities.

So let’s just pick the best and most recommended forex broker, right?

Well, it’s not really as easy as that, and the most recommended broker is often a fairly advanced broker which would work for most people. However, if you have never traded forex before, you want to find yourself a broker that is easy to use with a set of essential and useful tools for beginners.

But what exactly is it you’re looking for? Let us show you and try to explain what you as a new forex trader needs.

A Forex Broker Checklist

The following checklist should be used to find the best forex broker for beginners. Remember that these are the most basic and essential features that you need to be looking for and that any additional features can be considered a bonus that makes the forex broker even better.

The checklist have been completed with the help this list of forex brokers.

1. License

Make sure that the broker you are about to register with is licensed or say goodbye to your own safety. Using brokers with a license is important because it means the broker has to follow very strict guidelines and rules. It also means that they are subject to regular audits and that they must protect their customers at all costs.

2. Safety

This goes hand in hand with the first point. Always make sure that the broker uses the latest and most updated safety features to help protect you and your funds. That means top shelf encryption, separating business funds from clients funds, regular updates, and a good reputation for being serious.

3. Platform

This step is equally as important as the first two points on the list, however, it also requires more time to check. Making sure that the broker you’re interested in is a good fit includes reading up about the platform to make sure it suits your needs. Finding a good forex platform for beginners isn’t very hard at all, and we suggest you start by taking a look at the MetaTrader 4.

4. Instruments

Okay, so you’ve found yourself a safe and regulated broker with a platform you like, now you have to make sure that broker offers the instruments you’re interested in. All of the top forex brokers for beginners offer at least 35 currency pairs.

5. Demo Account

Before you register, deposit money, and start trading, we advise you to test the broker out. The best way to do so is to open a demo account and trade forex using virtual money. A demo account provides a risk-free environment where you can practice trading as a beginner, but it also offers benefits for more experienced traders.

6. Deposits and Withdrawals

As a new forex trader, you’re probably not ready to deposit $10,000 and start trading with the highest available leverage. In fact, you shouldn’t start trading like that. Instead, you should deposit smaller amounts and take it easy in the beginning. Because of that, you need to find a broker that allows for smaller minimum deposits and limited leverage. If a broker’s limits are very high, they are most likely targeting professionals and should be avoided by beginners.

7. Education

It’s basically impossible to learn how to trade on your own, and you will have to study strategies, economic systems, patterns, and candlestick charts. Naturally, you can find a lot of this information available online but for your own convenience, you want your broker to provide some too. In addition, having a strong educational program proves that a broker is dedicated to helping their customers.

8. Perks

At this point in your evaluation process, you want to see if the broker offers any additional perks for beginners. Are there any attractive incentives that separate the broker from others? For example, do you get access to a personal account manager, or is there any campaign that you can partake in? Maybe you can invite your friends and gain credit for every registration.

9. Advanced Features

Lastly, you want to ensure that you’ve found a broker that you can grow with and that not only caters to beginners but also to more experienced traders. You see, at some point, you will no longer be a beginner but a more experienced trader, and you don’t want to be forced to switch brokers because the one you originally picked can’t support professionals.

Summary

By using the steps provided on this page, you will be able to find a good and suitable forex broker in no time. Just remember that decision is a personal one in the end and that you shouldn’t let others influence you too much. As long as the broker is licensed and safe and you feel that you like their features and instruments, you will have a good experience learning how to trade forex.

Recommended Forex Brokers for New Traders in the UK

All brokers we recommend here are regulated by the FCA and licensed to operate in the UK. All brokers have products suitable for beginners, just make sure you understand the risks that come with trading.

We highly recommend all beginners to set up a free demo account before depositing any money. This will help you try the platform before you start trading for real money. All trading platforms listed in this article offers a free demo account.

Looking for something else? Best stockbrokers, best CFD-Brokers, and best cryptocurrency brokers.

What forex brokers are most suitable for beginner traders in the UK? There are literally hundreds of alternatives to pick from and it can be a daunting experience. Luckily, we have spent hours, if not days, reviewing all these brokers and have narrowed it down to 5 great options for beginners.

We will briefly talk about these brokers and why they are good for beginners, we do recommend that you read our full reviews before making your choice.

What’s Required of the Best Forex Trading Platform in the UK?

We, and pretty much anyone else trading forex on a professional level, have four main requirements for any forex trading platform suitable for beginners.

Safety and Transparency – A broker needs to be safe to use and have a license from one of the leading regulatory bodies in the world, for example, FCA in the UK and CySEC for the rest of the European Union. The broker also needs to be transparent with their numbers, intention, and terms. Without this, a broker can’t be considered safe to use and should be avoided. Read more about safety further down on the page.

Assets – Without access to the right currency pairs, you won’t be able to trade, and the broker will be useless to you. Therefore, we expect all the top brokers to offer the main currency pairs as well as at least a few minors and a couple of exotic ones. Anything in addition to that is great.

Platform – The broker’s platform needs to be easy to use for beginners. A platform that is too advanced and complicated will make your learning process longer, and it will most likely result in you losing more money than necessary. Therefore, all the brokers listed below have great forex platforms for beginners.

In addition to these three requirements, we look at other factors too. For example, as a beginner, it’s especially important that the broker has good customer service and great educational material.

Best Forex Trading Platform UK For Beginners

Which platform is the best Forex trading platform for beginners UK? If we only look at the best trading platform and not at the overall broker score, we would rate the platforms like this:

  • Avatrade -Easy to use the platform. Suitable for beginners and advanced traders alike.
  • eToro – The easiest platform to use. Copy trading is great for beginners. Best ROI of all platforms.
  • Markets.com – Good platform, slightly fewer functions but easier to use. Great for beginners.
  • IQ Option – Probably the best-designed platform. Great overall performance.
  • IG Markets – Another great option for more advanced traders and might not fit beginners.
  • Plus500 – Very easy to use, not very advanced. Lacks some functionality.

Beginners Should Use The Free Demo Account

Does forex trading sound a bit scary and complex? Don’t worry, you can always get started with a demo account before you make any real money deposits. This will allow you to try out the platform before you risk losing any capital.

Benefits of starting with a demo account if you are a beginner:

  • It lets you test the platform, this way, you will know if you like the product or not.
  • It’s a great way to get familiar with forex trading, especially if you are a beginner or if you haven’t even tried forex trading before.
  • You get to try multiple brokers, for free.
  • The registration process is much shorter if you only sign up for a demo account.

Forex Brokers for Advanced Traders

Are you an experienced trader looking for the Best Forex Broker in the UK? If you are an advanced trader you might want to make sure the broker is offering the right kind of trading tools, interface and other features you know you want. Our recommended brokers do not differ much for beginners and advanced traders.

We highly recommend that you do your research if you are an advanced trader, you probably already now know what you are looking for.

We recommend the following brokers for advanced Forex Traders.

Best Forex Brokers and Trading Platforms

Risk Warning:

Your capital will be at risk when using any of the recommended brokers on this page. Never invest money you can’t afford to lose. Using a high leverage can result in big losses. Between 65-89% of retail investors lose money when trading contracts for difference (CFD). Bullmarketz may be compensated by some of the brokers listed on our website.

Stay Safe When Trading Forex

As mentioned, safety is our number one concern when recommending brokers to you or using brokers on our own. For forex traders in the UK, the most important part of any broker is that they are regulated by the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC). If a broker has a license from any of those two entities you can rest assured that it’s a safe and reliable broker.

Moreover, we suggest you read our reviews where we share our personal opinions on the brokers as well as check forums and other review sites to see what others think. You should only sign up for a forex account after you’ve thoroughly evaluated a broker and can assure yourself they are safe to trade with.

Besides the brokers listed above, there is a sea of other brokers offering forex on the UK market. And plenty of good alternatives too, just make sure that the broker has a license from FCA, the financial authority in the United Kingdom. Any broker accepting UK customers without this license is most likely a scam. An FCA license is a requirement for any broker who wants to operate in the UK.

FCA regulated FX brokers UK

Another equally important factor to consider is regulation and licenses. A broker operating in the UK needs an FCA  license (Financial conduct authority). Without such a license, a broker cannot legally accept UK based clients.  Therefore the first thing you need to do is to make sure that the broker is regulated by the FCA.

Not anyone can just launch a broker in the UK and start accepting forex traders. All brokers operating their business in the UK will need to have a license from FCA. Financial conduct authority. Getting an FCA license is not easy, your product and trading conditions need to be of the highest quality.

It is crucial that the broker you choose is regulated and licensed by the FCA, otherwise, you are likely dealing with a scam or illegitimate broker. Forex trading is associated with high risk, but all risks can be managed. Trading with an unregulated broker introduces a very high risk.

If you look around the web you will be able to find a lot of unregulated brokers and scams. You don’t want to be associated with unregulated brokers.

As an example, a broker regulated by the FCA, but not following the minimum requirements set by the FCA, will be fined. Or even worse, might lose their license. An unregulated broker operates without the insight of the FCA and they can pretty much do whatever they want with your money. Freeze the account, manipulate the market or even worse, cease to exist.

Financial conduct authority

The FCA (Financial Conduct Authority) is a financial regulatory in the UK, they are operating their business independent from the United Kingdom Government. The FCAs main purpose is to enforce regulation and provide licenses to financial firms. The FCA regulates these financial firms to provide safety and maintain a good climate in the financial markets in the UK. The FCA was previously called FSA.

The FCA has the power to regulate conduct related to marketing for trading platforms such as Plus500 and eToro. They are responsible for setting the trading conditions and minimum requirements of the brokers.

As an example, they have prohibited bonus payouts and regulated how the brokers are allowing to do marketing. The bonus was simply a way to attract new traders, once they accepted the bonus it came attached with impossible turnover requirements. It made little sense to allow it. Another way they have taken action is that all marketing needs to come with a risk warning attached. “You capital is at risk” or similar.

The FCAs main purpose is to protect the traders in the United Kingdom.

Picking The Right Forex Broker For You

How do you know which forex broker is the right broker for you? It will depend a lot on what you are looking for, since this article is targeting towards beginners in the UK, just getting started with forex trading, it makes our job a little bit easier.

In general, we are looking for a great forex broker, that offers the most common forex pairs and an easy to understand the platform. Check out all alternatives we recommend and make sure to ask yourself the following questions.

  • Is the broker I am looking at offering the forex pairs I want to trade?
  • Is the platform appealing to me? Will I enjoy trading with this platform?
  • Does this broker have a license from FCA? Is it a regulated broker?

Once you have narrowed it down to a few alternatives you can try them out, either with the free demo account or a real account.

The Best Forex Brokers For Rookies Based on Other Requirements

In addition to the brokers provided above, we have listed the best forex brokers based on many other criteria in order to accommodate as many traders as possible.

On the page called the best forex trading app UK we focus our attention on everything revolving mobile forex trading apps. Today, all the top brokers offer mobile trading apps, but only a few of them have managed to develop mobile software that is good enough to be considered the best. Naturally, we have tested them all and shared our opinions with you.

As a final encouragement, we want to advise all beginners to take it easy when getting started. Forex trading can be very lucrative, but you need to practice and dedicate the time necessary to learn all of the skills needed in order to succeed.

Other Tips for Forex Traders in UK

In addition to everything we’ve mentioned on this page, we want to offer a few well-needed tips for any beginner. The most important is to take it easy, to begin with. After you’ve found yourself a good forex broker for beginners in the UK, we suggest you start off with a demo account. Whenever you start feeling comfortable with the demo trading we recommend you move on to depositing a smaller amount of money.

Don’t put yourself in unnecessary risk and make sure you learn the necessary skills and you’ll be trading like a professional before you know it.

Also, never invest money you can’t lose, even with the best forex brokers for beginners in the UK. And never, ever chase your losses. It’s something that happens to everyone and that you have to accept.

COMMENTS

WORDPRESS: 4
  • comment-avatar
    Edward 2 weeks ago

    How come you don’t list more brokers? I know for sure there are many more brokers in the UK..

    • comment-avatar

      Hi Edward,

      Thanks for your comment.

      The reason for the article is to provide our visitors with absolute best forex brokers available in the UK, not all forex brokers in the UK. These are our favorite brokers.

      Though you are most definitely right, there is a ton of other brokers out there. Regulated and unregulated. We always advise our users to use regulated forex brokers.

      If you feel the none of the forex brokers listed above are not suitable, you can always look for others.

      Best,
      BM

  • comment-avatar
    Kassy 1 week ago

    So I am looking for the best currency / forex trading platform.. I do not really care about the design etc.. just great functionality and performance..

    I am curious about how these brokers are making money?

    • comment-avatar

      Hi Kassy, thanks for your comment.

      Question 1: The best platform – We would suggest that you check out Avatrade, or any other broker offering MT4 or MT5, these are generally considered to be the best forex trading platforms if you are only looking for performance and don’t care too much about design.

      Question 2: All of the forex brokers listed here are making money with a so-called spread. and it’s basically the difference between ASK and BID. You can look at the spread as the broker’s service cost.

      BR,
      BM